$MSTR - Appears to have a pretty middling software business. I have little idea whether they can grow revs. Currently at a run rate of ~$500m. EV ~$1b, so EV/sales only 2. However, should surely now accumulate a Bitcoin premium, especially if we head into a bull market. https://twitter.com/NicholasCarrInv/status/1293159011697733632

Could see double whammy of multiple expansion & balance sheet gain if bitcoin goes up from here. Feels like 'free' option on bitcoin underpinned by the operating business.
BTC doubles, and Ev/sales goes to 3, $300 share price. Obviously, things could get more extreme than that

I have no idea how they are custodying the bitcoin = risk. Also clearly risk if bitcoin craters, or underlying business declines.
Play makes sense though, if you expect bitcoin to increase over time.
I'm in with a small position just under $140 $mstr

Crazy case study to watch, even if you don't invest